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Canadia subsidiary buys 15% stake in CVI

Canadia subsidiary buys 15% stake in CVI

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Diamond Island Development Co Ltd, owned by Canadia Bank, yesterday bought a 15 per cent stake in Investment and Development Company of Cambodia (IDCC)’s Cambodia-Vietnam Insurance Plc.

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The companies declined to give the value of the stake. Ngay Mengly, sales officer at Cambodia-Vietnam Insurance Plc, said the company would provide insurance to Canadia’s clients.

“We choose DID (as the purchaser) because among Canadia companies, this one has many clients and lots of recognition.”

Ou Sophanarith, CEO at Canadia Bank, declined to provide information on the deal but confirmed the possibility of buying more shares in the future.

Canadia Bank chairman Pung Kheav Se and IDCC’s CEO Nguyen Dinh Duong could not be reached by the Post for comment yesterday.

To contact the reporter on this story: Rann Reuy at [email protected]

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